Transfer of involvement in company to another department
88A Transfer of involvement in company to another department
This section applies if—
an approval is given for a department (the first department) under section 88(1); and
because of a redistribution of public business of departments, the first department’s involvement in a company becomes the responsibility of another department (the second department).
Example—
Following a machinery of government change, the second department replaces the first department as the member of a company. The second department need not comply with section 88(1), but must comply with subsections (2) and (3).
The second department must, within 4 months after the redistribution of public business of departments mentioned in subsection (1)(b), apply for a Treasurer’s approval for the second department’s proposed action in relation to the company.Examples of proposed actions—
continue as a member of a company, wind up or sell the company
The second department may continue as a member of the company only under a Treasurer’s approval.
The Treasurer may give an approval for subsection (3) only if the department has developed a business case that satisfies the Treasurer the continued membership is appropriate.
This Act’s bill:Explanatory memorandumSecond reading speech
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